Dow Jones Futures: AI Giant Earnings Rise; Meta, Nvidia, Super Micro Slide; CPI Looms

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were higher before the stock market opened on Tuesday. Artificial Intelligence Leaders Nvidia (NVDA) and Super Microcomputer (SMCI) continued to slide on Monday, as did the Great Seven stocks Meta platforms (META) sold quickly.


Late Monday, AI giant Oracle (ORCL) was a key driver of earnings. Oracle shares rose more than 11 percent in extended trading.

More, Adobe (ADBE) and Jabeel (JBL) will report later this week.

Tuesday’s release of the Consumer Price Index by the US Labor Department takes the spotlight this week. CPI is expected to rise 0.4 percent on the month with a 3.1 percent increase. Wall Street expected core prices to rise 0.3 percent in February, with a 3.7 percent increase year over year. That inflation report is due at 8:30 a.m. ET.

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Stock Market Today: Meta and Nvidia Slide

On Monday, the Dow Jones Industrial Average rose 0.1 percent and the S&P 500 lost 0.1 percent. The tech-heavy Nasdaq Composite fell 0.4 percent.

Among the Magnificent Seven stocks, Metastock fell the most at 4.4%. And Nvidia fell 2%, reversing Friday’s decline. Meanwhile, AI Titan Super Micro fell more than 5%, closing about 12% off Friday’s record high.

Finally, Dow Jones Tech Icons apple (AAPL) and Microsoft ( MSFT ) The stock market traded mixed today, with Apple shares down 1.2% and Microsoft down 0.4%.

Duolingo (DUOL), Fifth Third Bancorp (FITB), Fortinet (FTNT) and Block (SQ) — plus Dow Jones components Disney (DIS), IBM (IBM) and Procter & Gamble (PG) — are among the best stocks to buy and watch in the stock market today.

The block was highlighted in the Stocks Near Buy Zone column. And Fifth Third is a recent addition to the IBD Leaderboard portfolio.

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Dow Jones Today: Oil Prices, Treasury Yields

Before Tuesday’s opening bell, Dow Jones futures rose 0.1%, while S&P 500 futures added 0.2%. Tech-heavy Nasdaq 100 futures rose 0.4 percent vs. fair value. Remember that overnight action in Dow Jones futures and elsewhere does not necessarily translate into actual trading in the next regular stock market session.

On Monday, the yield on the 10-year US Treasury rose to 4.1 percent. Meanwhile, oil prices held near their recent highs, as West Texas Intermediate futures settled just above $78 a barrel.

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Stock Market Rally: What to Do Now

Now is a prime time to read IBD’s The Big Picture column, with the stock market outlook confirming an uptrend. After Monday’s action, be sure to check out today’s The Big Picture for the latest exposure levels.

An essential resource for daily breakouts is IBD MarketSurge’s “Breaking Out Today” list. This MarketSurge Growth shows 250 stocks that are breaking new past buy points. There were no breakouts on Monday.

Meanwhile, the MarketSurge “Near Pivot” list shows stocks near buy points in bases, e.g. Flat Core Technologies (FLT), which is near the 298.48 flat base entry.

To find more stock ideas, check out IBD stock lists like the IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.

Dow Jones: Disney, IBM, P&G

According to IBD MarketSurge chart analysis, Disney is looking to break out of the handle base’s 112.92 buy point with a big cup. And shares closed below their entry on Monday, up 1.8 percent.

IBM stock fell below a flat base of 196.90 buy point, down 2.2 percent on Monday.

Consumer products giant Procter & Gamble rose 0.8 percent on Monday, above a 158.38 buy point in a cup base.

4 Top Growth Stocks to Watch Stock market rally

Square Stock Attempts Breakout

IPO leader Duolingo added a handle to the cup base, taking the buy point to 241.86. Shares of Duolingo rose 4.3% on Monday.

Fifth Third Bancorp climbed 1% on Monday, further above a 35.73 buy point.

Cybersecurity leader Fortinet is adding a handle to a long cup base, pushing the buy point to 73.91. The stock rose 0.2 percent on Monday.

The square parent block is adding a high handle to the cup base, moving the correct buy point to 83.29. A short-lived breakout after an 80.29 entry failed last week when the stock fell 7% on a buy trigger. Square stock rose 1% on Monday, off about 2% from the entry.

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Best bets on the stock market today

These are four of the best stocks to watch in today’s stock market, including the Dow Jones leader.

Company symbol Correct purchase point Type of purchase point
Novo Nordisk (NVO) 105.69 Flat base
Merck (MRK) 119.65 The base of the cup
Draft Kings (DKNG) 39.35 The base of the cup
Spotify (spot) 202.88 Flat base
Source: IBD data as of March 4, 2024

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Spectacular Seven Stocks: Nvidia, Tesla

Among the top seven stocks, Nvidia was down 2% on Monday, while Tesla stock rose 1.4%.

Nvidia shares retreated further from Friday’s record highs. Still, they closed nearly 70% after a 505.48 buy point in a flat base following the Jan. 8 breakout move.

Tesla stock rose 1.1 percent on Monday, still off its recent lows. Shares remain sharply below their 50- and 200-day lines and are more than 40% off their 52-week highs.

Dow Jones Leaders: Apple, Microsoft

Among the Dow Jones stocks in the Magnificent Seven, Apple and Microsoft had mixed trading on Monday.

Despite the two-day rally, Apple stock remains well below its 50- and 200-day lines. Shares are about 13% off their 52-week high.

Shares of Microsoft are returning to their 50-day line, an important support level to watch.

Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen For more information on growth stocks and the Dow Jones Industrial Average.

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